Kona Grill, Inc. (KONA) Cut to “Strong Sell” at ValuEngine
ValuEngine downgraded shares of Kona Grill, Inc. (NASDAQ:KONA) from a sell rating to a strong sell rating in a report released on Friday.
KONA has been the subject of a number of other research reports. Lake Street Capital reissued a buy rating and set a $5.00 target price (down previously from $9.00) on shares of Kona Grill in a research note on Tuesday, August 1st. Telsey Advisory Group dropped their price objective on shares of Kona Grill from $8.00 to $4.00 and set a market perform rating for the company in a research note on Tuesday, August 1st. Raymond James Financial, Inc. reaffirmed a market perform rating on shares of Kona Grill in a research note on Monday, July 24th. Zacks Investment Research raised shares of Kona Grill from a sell rating to a hold rating in a research note on Wednesday, July 12th. Finally, Wedbush reaffirmed an outperform rating and set a $11.00 price objective (up previously from $10.00) on shares of Kona Grill in a research note on Tuesday, May 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $6.67.
Kona Grill (NASDAQ:KONA) traded up 15.00% during midday trading on Friday, hitting $3.45. The stock had a trading volume of 124,767 shares. Kona Grill has a 52-week low of $1.50 and a 52-week high of $14.44. The firm’s market capitalization is $34.85 million. The firm has a 50-day moving average of $2.52 and a 200 day moving average of $4.47.
Kona Grill (NASDAQ:KONA) last issued its quarterly earnings data on Monday, July 31st. The restaurant operator reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.14. The firm had revenue of $46.98 million during the quarter, compared to analyst estimates of $48.96 million. Kona Grill had a negative return on equity of 39.42% and a negative net margin of 14.98%. The company’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) EPS. On average, equities analysts forecast that Kona Grill will post ($1.08) EPS for the current year.
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In related news, Director James R. Jundt acquired 21,100 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average cost of $1.59 per share, for a total transaction of $33,549.00. Following the acquisition, the director now owns 696,611 shares in the company, valued at approximately $1,107,611.49. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James R. Jundt acquired 21,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The stock was bought at an average price of $1.59 per share, for a total transaction of $33,390.00. Following the completion of the acquisition, the director now owns 696,611 shares in the company, valued at approximately $1,107,611.49. The disclosure for this purchase can be found here. In the last three months, insiders bought 160,100 shares of company stock valued at $365,439. Corporate insiders own 29.20% of the company’s stock.
Hedge funds have recently modified their holdings of the company. LMR Partners LLP acquired a new position in shares of Kona Grill in the 2nd quarter worth approximately $109,000. Engine Capital Management LLC acquired a new position in shares of Kona Grill in the 1st quarter worth approximately $189,000. KCG Holdings Inc. acquired a new position in shares of Kona Grill in the 1st quarter worth approximately $200,000. Goldman Sachs Group Inc. acquired a new position in shares of Kona Grill in the 2nd quarter worth approximately $159,000. Finally, Addison Clark Management L.L.C. lifted its holdings in shares of Kona Grill by 201.9% in the 1st quarter. Addison Clark Management L.L.C. now owns 215,840 shares of the restaurant operator’s stock worth $1,360,000 after acquiring an additional 144,340 shares during the last quarter. Hedge funds and other institutional investors own 50.14% of the company’s stock.
About Kona Grill
Kona Grill, Inc owns and operates upscale casual dining restaurants under the name Kona Grill. The Company owns and operates approximately 40 restaurants in 20 states throughout the United States and Puerto Rico. Its high-volume upscale casual restaurants feature a global menu of contemporary American favorites and sushi.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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